Banks will remain closed for Zakat deduction tomorrow

KARACHI: All the banks will observe bank holiday for Zakat deduction and to remain closed for public dealing on March 12, 2024 (tomorrow).

The State Bank of Pakistan had announced bank holiday across the country for deduction of Zakat on 1st Ramazan ul Mubarak 1445 A.H.

SBP and all the banks, Development Finance Institutions (DFIs) and Micro Finance Banks (MFBs) would remain closed for public dealing on the aforementioned date. However, all employees of the banks, DFIs, and MFBs will attend the office on Bank Holiday treating it as a normal working day (except for public dealing).

The Administrator General Zakat has announced the Nisab of Zakat for the Zakat Year 1444-45 A.H, at Rs. 135,179. The Nisab-e-Zakat is the minimum amount in bank accounts on which Zakat will be deducted on the first day of Ramazan-ul-Mubarak.

According to the Zakat and Ushr Ordinance, 1980, no deduction of Zakat at source shall be made if the balance in the specified accounts is less than Nisab notified for the respective Zakat year.

The first day of Ramazan has been notified as the “deduction date”, when zakat is collected from banks’ saving accounts, profit and loss-sharing accounts and other similar accounts at the rate of 2.5% of the total amount credited in the account.